Out of 12 public sector banks, five have not yet complied with India's minimum public float requirements, which is required by August 2024.
March 16, 2024The banks include Credit Suisse, Central Bank of India, SBI, Bank of Baroda, Bank of Maharashtra, IndusInd Bank, and Indian Bank, among others.
July 13, 2021The government is looking to sell majority stakes in state-owned banks, but the plan may not be feasible this financial year due to poor market conditions and rising bad loans.
July 22, 2020The fines, involving 15 banks in total, were related to delays in reporting fraud and non-compliance with various other RBI norms.
August 6, 2019The number of banks fined by the RBI for failing to integrate their core banking systems with SWIFT has now risen to 36, with fines totaling $10.16mn.
March 11, 2019Allahabad Bank and Corporation Bank have been released from PCA restrictions following the government's capital infusion last week; Dhanlaxmi Bank was found not in breach of any PCA risk thresholds.
February 26, 2019The Indian government has approved capital infusions into 12 public sector banks amounting to $6.8bn as part of its bank recapitalisation plan.
February 21, 2019The latest penalties involve banks' non-compliance with RBI directions on the monitoring of borrowers' end use of loan funds, as well as failures related to KYC/AML compliance.
February 13, 2019India’s central bank has removed the Bank of India, Bank of Maharashtra and Oriental Bank of Commerce from lending restrictions under its prompt corrective action framework.
February 1, 2019Union Bank of India, Bank of India and Bank of Maharashtra are each fined 10 million rupees.
September 10, 2018